General Motors Starts Work on Chinese EV Factory
Last week, the Chinese market gave the world quite a scare, with shares dropping and hurting investor confidence the world over. General Motors remains confident in the potential of the region, and has begun work on a multi-million dollar EV factory in partnership with SAIC Motor Corp.
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It is estimated that the factory will cost GM $470 million, and will help GM with its Chinese ambitions. It is projected that the new plant will have a capacity of 200,000 units. In July, GM announced plans to build a new line of electric cars, completely separate from any of the other models offered in the world, that would only be available in China, Mexico, and India. The partnership with SAIC Motors will help in the creation of the complex powertrains needed to run these electric vehicles.
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The list of countries in which GM plans to sell the new EVs suggests that perhaps these cars will be more affordable than their American counterparts. While car sales in China have begun to shrink, GM is still posting healthy results month over month. It will be interesting to see how this new factory and the changing automotive markets around the world will react to new electric vehicles ready to hit the road.
News Source: HybridCars.com